Abacus Capital Buys Portland-Area Community for $97M
Grand Peaks Properties sold the 440-unit asset.
An affiliate of Abacus Capital Group LLC has purchased Lumina Apartments, a 440-unit multifamily community in Gresham, Ore., for $96.7 million. Grand Peaks Properties sold the asset, according to Yardi Matrix data. CBRE brokered the deal on behalf of the seller.
Grand Peaks had acquired the asset back in 2014 from FPA Multifamily for $43.6 million, the same source shows. The purchase included the assumption of a $31.7 million HUD 223(f) loan. In 2016, the property became subject to $48 million in Fannie Mae financing arranged by NorthMarq Capital.
Completed in 1994, the property underwent cosmetic renovations from 2014 through 2022. Lumina encompasses 20 buildings with one-, two- and three-bedroom floorplans ranging between 572 and 1,019 square feet. Common-area amenities include a swimming pool, a fitness center, a business center, a clubhouse, a spa, a tennis court, outside storage, controlled access and 880 parking spaces. Apartments feature washers and dryers, stainless steel appliances, fireplaces and balconies or patios.
Located at 2700 W. Powell Blvd., in the Holly Brook submarket, the community is near Route 26, which provides direct access to downtown Portland. Main City Park and Powell Butte Nature Park are within 2.6 miles.
CBRE Senior Vice Presidents Joe Nydahl, Josh McDonald and Phil Oester represented the seller. The same brokers were also instrumental in the $124 million sale of another Portland-area community.